KPI Green Energy gets ₹3,200 Crore from SBI to Boost Gujarat's Green Energy Capacity
Massive funding fuels Gujarat’s solar, hybrid power projects.
KPI Green Energy has secured a monumental Rs 3,200 crore financing facility from the State Bank of India (SBI) to power its ambitious renewable energy projects in Gujarat. The funding will drive the development of two major initiatives: a 250 MW (AC)/350 MWp (DC) solar power project and a 370 MW hybrid power project, which includes a 557 MWp solar component and a 124.20 MW wind component. Together, these projects represent over 1 GWp of KPI Green Energy’s Independent Power Producer (IPP) portfolio, marking a significant step toward sustainable energy production.
The financial package, sanctioned by SBI’s Project Finance & Structuring Business Unit (PF&SBU), includes both fund-based and non-fund-based facilities. These will part-finance the projects, which are being developed in Bharuch and Surendranagar districts of Gujarat. Secured by 25-year power purchase agreements (PPAs) with Gujarat Urja Vikas Nigam Ltd (GUVNL), the projects are structured with a 75:25 debt-equity ratio. The funds will cover project costs, reimburse prior expenditures, and support related development expenses.
Faruk Patel, Chairman & Managing Director of KPI Green Energy, hailed the sanction as a testament to the company’s robust capabilities and forward-looking vision. “This landmark financing from SBI empowers us to expand our renewable energy footprint significantly,” Patel said. “With over 1 GWp of new capacity, we are strengthening our operational portfolio, ensuring stable annuity income, and delivering long-term value to stakeholders.”
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Set to be operational soon, these projects align with KP Group’s ambitious goal of achieving 10 GW of renewable energy capacity by 2030. Once commissioned, they will generate recurring revenue through long-term PPAs, bolstering profitability. Additionally, the projects are expected to eliminate over 1.5 million tonnes of carbon dioxide emissions annually—an environmental impact equivalent to planting more than 65 million trees each year—underscoring KPI Green Energy’s commitment to a sustainable future.
Founded in 1994 by Faruk G. Patel, KP Group has evolved into a diversified conglomerate with expertise in renewable energy, infrastructure, and innovation. This latest milestone reinforces its leadership in driving India’s transition to clean energy.
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